Saica acquires minority share of Pacapime, Ahlstrom to sell Stenay paper mill in France

BELGIUM – Sustainable solutions provider, Saica Group has reached an agreement to acquire a minority share of Pacapime, the Belgian corrugated cardboard company.

Pacapime generated revenues of €61 million (US$65.85m) in 2022 and provides direct employment to 109 people.

With its origins going back to 1919 and now based in Halle, Belgium, the business has a strong presence in the Benelux countries, France, and Germany, with 80% of its sales in the food sector.

Saica said the company also shares its own focus on sustainability, with heavy use of recycled paper, its own solar panels that cover a third of its annual energy needs, and numerous water and energy efficiency measures in place.

Ramon Alejandro, president of Saica Group said: “This partnership makes great sense for Saica, increasing our exposure to Northern European countries in the growing corrugated cardboard packaging market in which we are already leaders.

“Pacapime also shares our laser-eyed focus on sustainability and innovation, and we are confident that together, we will be able to bring our customers even better solutions and service as they seek to reduce the carbon footprint of their packaging.”

One of Saica’s 2025 strategic priorities is focused on sustainable growth, developing its business model across Europe.

Paul Pissens, owner of Pacapime, added: “Like Pacapime, Saica is a company rich in heritage and led by strong values, and we are delighted to welcome them as an investor and partner.

“Together, our additional scale and expertise will bring significant benefits for both parties and we are excited about the potential of this new international partnership.”

With a turnover of close to €4.4 billion (US$4.75bn), Saica Group has an annual production capacity of 3.3 million tonnes of recycled paper for corrugated board.

Employing more than 10,000 people, it has a presence in the UK, Spain, France, Italy, Portugal, Ireland, Turkey, Luxembourg, the Netherlands, the US, and Poland.

 Ahlstrom offloads Stenay paper mill in France

Meanwhile, Ahlstrom has entered into an agreement to divest its Stenay paper mill in France to Accursia Capital, following the announcement of Accursia Capital’s binding offer in July.

The divestment was confirmed after receiving an endorsement from the site’s employee representatives.

Accursia Capital aims to develop the Stenay mill to guarantee its long-term future and, consequently, secure the jobs of its employees.

“We are delighted to announce this positive outcome for the future of our Stenay plant, its employees and the community of Stenay,” said Mark Ushpol, EVP, Food and Consumer Packaging division.

“This would not have been possible without the role of our team on site and the collaboration of all stakeholders.”

Martin Scheiblegger, Managing Director of Accursia Capital, added: “This acquisition is part of a long-term investment strategy aimed at making Stenay a leading player in the highly competitive paper-based packaging market. We therefore look forward to developing the business of the Stenay site in collaboration with the employees.”

The transaction is expected to be completed by the end of September.

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